BSP survey shows how Filipinos spent in moments of crisis
Everyone did everything to survive during the COVID-19 pandemic lockdown. But did you know how Filipino families managed their budgets during the health crisis?
A new nationwide survey by the Bangko Sentral ng Pilipinas (BSP) showed that Filipino households spent an average of P19,242 per month—or P230,905 a year—to meet their needs in 2021, a year marked by slow economic reopening from pandemic lockdowns.
The same BSP poll—called the Consumer Finance Survey and is conducted every three years to check the financial condition of Filipino families—provided insights on what’s in the shopping cart of a typical Filipino household during the pandemic.
Results of a central bank survey of 16,212 households showed that food accounted for the largest expenditure share in 2021 at 57.2 percent, consistent with findings from previous survey rounds.
Mostly on food
Broken down, families spent an average of P9,955 per month on food prepared and consumed at home. That cornered 55.4 percent of the total expenditures, higher than the 49.9 percent share recorded in 2017 or before the pandemic.
Meanwhile, spending on restaurants had averaged P486 per month in 2021, which accounted for only 1.9 percent of the overall expenditures.
“During the pandemic, many Filipino consumers shifted their eating habit from dining out to dining at home because of limited mobility and dining-in restrictions,” the BSP said.
“Thus, food at home has remained the largest expenditure item,” it said.
Housing and utilities collectively cornered 10.6 percent of the total household budget during the pandemic. That translated to a monthly spending of P2,061.
The ratio, however, was smaller than the 23.9 percent share of housing and utilities to total household spending in 2017. The BSP attributed this to the departure of some offshore gaming operators and the temporary return of some workers and students to their home provinces during the health crisis.
Transportation was the next biggest spending priority of Filipino families with a 7.2 percent share, or a monthly expenditure of P1,798.
“This spending distribution underscores the importance of government price management for essential goods and services,” the BSP said.
Lastly, nonessential items, including miscellaneous expenses, alcoholic beverages, tobacco, narcotics and recreation and culture made up 8.6 percent of total expenditure. Notably, miscellaneous expenses such as personal care, celebrations and gifts had the highest share at 4.8 percent.
